Cost Savings of Aging-In-Place

We know this process of deciding where a loved one should live is complicated and difficult. At HMS we believe physical impairment and age should not force individuals from their homes – our goal is to allow people to stay at home and age in place, retaining or regaining the freedoms they have lost. Besides the fact that most people would be happier living in their own home, it is often substantially less expensive than assisted living or a nursing home. Recent studies show large increases in the cost of assisted living and nursing homes, while home care costs (which are lower to begin with) are remaining relatively unchanged. The 2010 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs shows that:

• The national average daily rate for a private room in a nursing home is $229, while a semi-private room is $205, up from $219 and $198 respectively in 2009.
• The national average monthly base rate in an assisted living community rose from $3,131 in 2009 to $3,293 in 2010.
• The national average: hourly rates for home health aides ($21) and homemakers ($19) and daily rates for adult day services ($67) were unchanged from the previous year.

Genworth Financial released a similar report in 2011 confirming the cost of in-home services has remained relatively flat for the past six years but the costs for nursing homes and assisted living facilities have increased considerably over the same period. For example, in 2005 the median annual rate for a private nursing home room was $60,225, compared with the 2011 median annual rate of $77,745. this means that Americans can expect to pay approximately $17,520 more per year today for a nursing home than they had to pay in 2005. This increase represents a 4.35 percent compound annual growth rate over that period.

Genworth also provided 2011 data for each state and in Illinois, the average annual cost of a semi-private nursing home room was $54,750 and a private room was $63,875.

Aging in place allows adults to remain in their same comfortable environment and receive in-home health services as needed. There are many cost-effective modifications you can do to make aging in place safer and more accessible. Our solutions include wheelchair ramps, wheelchair lifts, stair lifts, bathroom mobility devices and home elevators. We carry a wide range of products that allow us to craft a personal solution, tailor-made for your home.

At Home Mobility Solutions we ensure high quality performance by doing all of our own work. Unlike other contractors, making homes and businesses accessible is the only thing we do. From sales to design, installation and service, we are your answer to staying at home.